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Fyra sätt att investera i platina

Investerare som vill använda börshandlade fonder (ETFer) för att få direkt exponering mot platina i metall- och gruvsektorn har fyra fonder att välja mellan. Vi redovisar nedan fyra sätt att investera i platina. Två är vanliga börshandlade fonder, och de andra två är börshandlade certifikat (ETN) som bara äger terminskontrakt på platina.

Platina är en av de mest sällsynta ädelmetallerna och har ofta handlats till ett högre pris än guld. Även om Ryssland var det första landet som i stor utsträckning började utvinna platina så står Sydafrika för mer än 80 procent av den totala världsproduktionen. Liksom palladium, en annan medlem av platinagruppen används platina i stor utsträckning i katalysatorer i bilar. Metallen används också i elektriska kretsar tack vare dess höga motståndskraft mot korrosion och dess förmåga att utstå höga temperaturer, och som en del av några föreningar som används vid behandling av cancer. Efterfrågan från biltillverkare och konsumenternas efterfrågan på platina för smycken är två av de viktigaste drivkrafterna på marknaden för platinapriset.

ETF Securities Physical Platinum Shares ETF (NYSEARCA: PPLT)

ETF Securities Physical Platinum Shares ETF (NYSEARCA: PPLT) är ett bra val för den investerare som vill har en direktexponering mot fysisk platina och vill undvika terminsmarknaderna. Denna börshandlade fond lanserades av ETF Securities 2010 och kan nästan liknas vid att investera i platina fysiskt.

Denna börshandlade fond investera i platina och äger tackor som förvaras i valv i London och i Zürich. Denna ETF försöker att följa utvecklingen av spotpriset på platina, minus kostnader och avgifter för lagring. Fondens valv kontrolleras två gånger per år av utomstående inspektörer.

Med tillgångar på nästan 400 MUSD och en daglig handelsvolym på nästan 2,5 MUSD är PPLT den största och mest likvida av de börshandlade fonderna i denna kategori. PPLT har också den lägsta förvaltningskostnaden i denna kategori, 0,6 procent. Det finns ingen direktavkastning, eftersom fonden bara äger platinatackor.

UBS ETRACS CMCI Long Platinum Total Return ETN (NYSEARCA: PTM)

UBS ETRACS CMCI Long Platinum Total Return ETN (NYSEARCA: PTM) är lämplig för investerare som vill få tillgång till exponering för platina terminer samtidigt minimera effekterna av contango. UBS lanserade fonden 2008 och den har mindre än 20 MUSD under förvaltning (AUM), samt omsätter cirka 30 000 USD per dag vilket gör den betydligt mindre likvid än PPLT. Den genomsnittliga spreaden, skillnaden mellan köp-säljkurs för PTM är 0,9 %, jämfört med bara 0,14 % för PPLT.

Fonden följer UBS Bloomberg CMCI Platinum Total Return Index, ett sub-index för UBS Bloomberg Constant Maturity Commodity Index utformadrför att återspegla den collateralized utförandet av en korg av platinaterminskontrakt som valts ut att representera terminsräntekurvan på terminsmarknaden för platina.

Fonden är inriktad på underliggande terminskontrakt på kort sikt del av terminskurvan, med kontrakt som riktade för en konstant löptid på tre månader. Genom att hålla ett urval av terminskontrakt med olika utgångs månader minimeras de potentiella negativa effekterna av contango.

PTM förvaltningskostnad ligger på 0,65 %. Det femåriga årlig avkastning för fonden är -14,91 %. Eftersom ETNS är skuldebrev snarare än aktier, bör potentiella investerare vara uppmärksamma på kreditrisken i samband med emittenten.

iPath Bloomberg Platinum Sub-Index Total Return ETN (NYSEARCA: PGM)

iPath Bloomberg Platinum Sub-Index Total Return ETN (NYSEARCA: PGM) är en annan ETN som ger investerare exponering mot terminsmarknaden för platina. Barclays Capital skapade detta börshandlade certifikat under 2008, och det har cirka $ 8 miljoner i balansomslutning och en genomsnittlig daglig handelsvolym på endast 20 000 USD vilket gör den till den minst likvida ETPn i denna kategori. Den genomsnittliga spreaden, skillnaden mellan köp-säljkurs är 1,61 % vilket gör att den är ännu mer ogynnsam än för PTM.

Fonden följer Bloomberg Platinum Sub-index Total Return och syftar till att återspegla avkastningen på en hävstångsinvestering i terminskontrakt på platina, tillsammans med ränta på kontanta säkerheter som hölls i form av amerikanska statsskuldväxlar. Skillnaden mellan PGM och PTM är att PGM har placeringar endast i de mest närliggande terminskontraktet månad för platina, så det är mycket mer utsatta för eventuella negativa effekter från contango. Förvaltningskostnaden för PGM ligger på 0,75 och den femåriga årliga avkastningen är -15,64%.

Både PGM och PTM har stängts för utgivning av nya andelar sedan 2009. Att skapa nya andelar i en börshandlad fond är relativt enkelt i förhållande till att skapa nya andelar i en ETN, eftersom det sistnämnda kräver ett helt nytt erbudande då certifikat är räntebärande värdepapper. Dessutom är den part som initierar nya certifikat inte en investerare med möjlighet att dra nytta av transaktionen, och därmed har denne inget verkligt incitament att inleda processen. Således, dela skapelser är mycket mindre vanligt med ETNS än de är med standard ETF.

First Trust ISE Global Platinum ETF (NASDAQ: PLTM)

First Trust ISE Global Platinum ETF (NASDAQ: PLTM) är det lämpligaste valet för investerare som söker en aktiebaserad ETF exponering mot platinamarknaden. Denna ETF väljer att investera i platina genom företagen på denna marknad. First Trust Advisors lanserade PLTM under 2010. Fonden har totala tillgångar på cirka 4,5 MUSD och en genomsnittlig handelsvolym på cirka 85 000 USD

Även om den genomsnittliga handelsvolymen är mer än dubbelt så stor som de två certifikaten i denna kategori, har PLTM fortfarande ett ganska bred spread, genomsnittlig skillnad köp- och säljkurs, på 1,3 procent.

Denna ETF följer ISE Global Platinum Index, som är utformad för att återspegla det totala resultatet av bestånden av företag som sysslar med gruvproduktion och försäljning av platinametaller. Fonden upprätthåller i allmänhet mindre än 20 innehav, där de tre största i allmänhet svarar för nästan 35 procent av de totala tillgångarna. Bland fondens innehav finns företag som Johnson Matthey, Stillwater Mining Company, MMC Norilsk Nickel PJSC (ADR), Impala Platinum Holdings och Aquarius Platinum. Den årliga portföljomsättningen för PLTM är 40 procent.

Driftskostnadsprocenten för PLTM är 0,7 procent. Fonden erbjuder en generös utdelning på 3,9 procent. Det femåriga årlig avkastning är den värsta i denna grupp på -31,54%. Fonden har drabbats särskilt hårt 2015, och förlorade mer än hälften av dess substansvärde (NAV).

Divergent flows following further price falls

Commodity ETP Weekly – Divergent flows following further price falls

•   Inflows accumulate into oil ETPs as prices weaken.
•   Gold and PGM flows head in the opposite direction.
•   Copper continues to suffer from negative sentiment.
•   Upcoming webinar: Global commodities, have we reached the floor in prices? Register here to attend

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• Falling prices drove bargain-hunting inflows in to oil and PGMs while testing investors’ patience in gold and copper.
• Continued weakness in oil prices are likely to put oil and gas companies under further pressure for more production and expenditure cuts which bodes well for the global oil market to rebalance as early as next year.
• Pressure on precious metals will remain until the Federal Reserve meeting in mid-December. However, the typical “buy on the rumour, sell on the news” investor behaviour, could benefit the metal after the move is made.

Inflows accumulate into oil ETPs as prices weaken. WTI oil fell 3% to US$40.5/bbl. while Brent failed to make any gains, driving continued bargain hunting. Last week saw US$64.7mn into long WTI oil ETPs and US$15.5mn into long Brent oil ETPs, up 39% and 42% respectively compared to the previous week’s inflows. While there was no clear trend from the CFTC non-commercial positions into oil futures contracts, last week marks the second consecutive week of strong inflows into oil ETPs, suggesting that ETP investors have strengthened their conviction that oil prices will rise in the near future. ETFS Daily Short WTI Crude Oil (SOIL) also saw outflows of US$1.2mn last week, in line with the general sentiment on the ETP market. After seven weeks of sharp increases, US oil inventories growth slowed last week, up by only 252,000 barrels. In its November issue of the Short term Energy Outlook, the EIA projects that while the global oil supply will remain in surplus next year, it will stabilise at around 95.5 million barrels per day on the back of declining oil production in the US and in Canada. Inventory build-up in the US is also expected to slow down next year.

Gold and PGM flows head in the opposite direction. Continued price weakness defeated investors’ patience in gold. Gold fell a further 0.4% last week and led to the first outflows in 10 weeks. Gold ETPs saw large outflows of US$70.6mn last week, at a magnitude we have not seen since August 2015. Despite China imports of gold at a seven month high and confirmation that Diwali sales in India drove up October gold demand, rising rate hike expectations in the US continued to mount pressure on gold prices. Meanwhile, last week saw net inflows into platinum and palladium ETPs marking the first creations since the beginning of August as the price of platinum reached another record low (of at US$844/oz. last Wednesday) while palladium approached its August low. Johnson Matthey last week increased the size of its PGM deficit forecasts for 2o15, highlighting the tightness in the metal’s supply.

Copper continues to suffer from negative sentiment. Last week saw copper price reaching another record low on Wednesday at US$4,633/MT, resulting in US$10mn outflows out of copper ETPs. The copper market has been in a deficit for 5 years with 2015 expected to be balanced, before heading into another deficit in 2016 according to the International Copper Study Group (ICSG) forecasts. The ICSG November report released last Friday shows August in a surplus of 81,000 tonnes on low refined copper usage after 4 months of deficit.

Key events to watch this week. While Europe manufacturing PMI in October was relatively stable, the US ISM manufacturing PMI was weaker than expected. Investors will likely follow the November estimates from Markit due this week along with the November consumer confidence for the US and for France.

For more information contact

ETF Securities Research team
ETF Securities (UK) Limited
T +44 (0) 207 448 4336
E info@etfsecurities.com

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Platinum and Palladium, Fundamentally Undervalued

Platinum and Palladium, Fundamentally Undervalued Despite falling 2.5% since the beginning of the year, precious metals are the best performing commodity sub-sector year-to-date. Contrary to our expectations, PGMs (“Platinum Group Metals”) lagged behind, with platinum falling by almost 8% and palladium decreasing by 2.5% over the period. The strong appreciation of the US Dollar against major currencies, particularly against the Euro, did not bode well with commodity prices that tend to be negatively correlated with the US currency. Going forward we expect PGM prices to recover, as sentiment improves and investors return to focus on tighter fundamentals.

The extensive use of platinum and palladium in vehicle catalytic converters makes their demand particularly sensitive to economic, industrial and market conditions at a global level. Fears of a Greek exit from the Eurozone, the biggest consumer of platinum for catalytic converter purposes, coupled with expectations of higher production, prompted an 8% fall in platinum price since the beginning of the year. Palladium also suffered a loss during the period, as a strong US Dollar and negative sentiment towards commodities, weighed on the price of the metal.

South Africa holds the biggest proportion of the world’s platinum and palladium resources, which are mainly located in the Bushveld Igneous Complex. South Africa is well known for the elevated level of worker activism and government intervention in the mining industry, which have substantially affected production in the past, with 2014’s 5-month strike further corroborating this issue. While production of both platinum and palladium is expected to recover in 2015 following a disastrous 2014, social tension could mount up once again in June when wage agreements in South Africa expire.

With supply expected to remain tight, PGM (“Platinum GroupMetals”) markets are expected to remain in deficit in 2015.

However, demand fundamentals are expected to continue to favour palladium over platinum. While persistently low prices are likely to spur Chinese jewellery demand for platinum from the middle of this year, autocatalyst demand from Europe, the biggest diesel market, is likely to underperform its Chinese and US’s peers as the Eurozone continues to be plagued by low growth issues. China, the biggest single contributor to platinum demand, imported 22% less platinum in 2014, as jewellery demand faltered. However, this demand component tends to be particularly sensitive to prices and should therefore recover in 2015. Meanwhile, palladium is expected to benefit from strong auto sales in the US and China, the two biggest markets for gasoline cars. The China Association of Automobile Manufacturers expects auto sales in the country to rise by 8% to 21.3 million vehicles in 2015 while a combination of a large drop in oil prices, increased availability of auto loans and aging automobiles on the road will buoy auto demand in the US.

We expect palladium to continue to outperform platinum. While we believe that platinum price will eventually return to trade above the US$1,300oz level as Chinese demand recovers and Eurozone auto subsidies kick in, palladium appears to be in a better position to benefit from a pick-up in China and US economic growth, the two biggest global auto markets.

For more information contact:
ETF Securities Research team
ETF Securities (UK) Limited
T +44 (0) 207 448 4336
E info@etfsecurities.com

Important Information

This communication has been provided by ETF Securities (UK) Limited (”ETFS UK”) which is authorised and regulated by the United Kingdom Financial Conduct Authority (the ”FCA”).

When being made within Switzerland, this communication is for the exclusive use by ”Qualified Investors” (within the meaning of Article 10 of Section 3 of the Swiss Collective Investment Schemes Act (”CISA”)) and its circulation among the public is prohibited.

The information contained in this communication is for your general information only and is neither an offer for sale nor a solicitation of an offer to buy securities. This communication should not be used as the basis for any investment decision. Historical performance is not an indication of future performance and any investments may go down in value.

This document is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering of shares or securities in the United States or any province or territory thereof. Neither this document nor any copy hereof should be taken, transmitted or distributed (directly or indirectly) into the United States.

This communication may contain independent market commentary prepared by ETFS UK based on publicly available information. Although ETFS UK endeavours to ensure the accuracy of the content in this communication, ETFS UK does not warrant or guarantee its accuracy or correctness. Any third party data providers used to source the information in this communication make no warranties or representation of any kind relating to such data. Where ETFS UK has expressed its own opinions related to product or market activity, these views may change. Neither ETFS UK, nor any affiliate, nor any of their respective, officers, directors, partners, or employees accepts any liability whatsoever for any direct or consequential loss arising from any use of this publication or its contents.

ETFS UK is required by the FCA to clarify that it is not acting for you in any way in relation to the investment or investment activity to which this communication relates. In particular, ETFS UK will not provide any investment services to you and or advise you on the merits of, or make any recommendation to you in relation to, the terms of any transaction. No representative of ETFS UK is authorised to behave in any way which would lead you to believe otherwise. ETFS UK is not, therefore, responsible for providing you with the protections afforded to its clients and you should seek your own independent legal, investment and tax or other advice as you see fit.